Variation of other secured indebtedness Clause Samples

Variation of other secured indebtedness. Subject to clause 7.15, the Mortgagor shall not incur any debt or monetary obligation (whether actual or contingent) to a holder, other than the Mortgagee, of a Security Interest over the Secured Property the payment of which is secured by that Security Interest except Financial Indebtedness incurred as a consequence of that holder granting financial accommodation to the Mortgagor or a person whose obligations are Guaranteed by the Mortgagor to that holder, in accordance with an existing agreement: (a) which has been fully disclosed to and approved by the Mortgagee; and (b) under which the holder is, at the time this document is made, actually or contingently obliged to grant that financial accommodation.
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Variation of other secured indebtedness. Subject to clause 8.16, the Chargor shall not incur any debt or monetary obligation (whether actual or contingent) to a holder, other than the Chargee, of a Security Interest over the Charged Property the payment of which is secured by that Security Interest except Financial Indebtedness incurred as a consequence of that holder granting financial accommodation to the Chargor or a person whose obligations are Guaranteed by the Chargor to that holder, in accordance with an existing agreement: (a) which has been fully disclosed to and approved by the Chargee; and (b) under which the holder is, at the time this document is made, actually or contingently obliged to grant that financial accommodation.
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Related to Variation of other secured indebtedness

  • Secured Indebtedness The Borrower shall not permit the ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii) Total Asset Value to be greater than 0.40 to 1.00 at any time.

  • Permitted Indebtedness Neither the Company nor any Subsidiary ---------------------- will create, incur or assume any Indebtedness other than: (a) Indebtedness represented by or incurred under the Notes and the Purchase Agreement and the Revolving Credit Facility; (b) Indebtedness incurred to prepay or repay in full the remaining outstanding principal amount of Notes and all other amounts due thereon or under the Purchase Agreement; (c) Indebtedness existing on the Closing Date and identified on the Disclosure Schedule; (d) Indebtedness incurred solely as an extension, renewal, refinancing or replacement of Indebtedness of the Company or of its Subsidiaries under clause (iii) above (but excluding any Indebtedness under clause (iii) above to the extent such Indebtedness is repaid with the proceeds from the sale of the Notes and Warrants), provided that any such extension, renewal or refinancing (A) shall be on terms which on balance are substantially as favorable to the Company (or the relevant Subsidiary) as the terms of such existing Indebtedness (other than changes in the amount of the interest rate and other than the imposition of additional Liens permitted by Section 9.10(f) hereof) and (B) shall not be in a greater principal amount or have a shorter average life or earlier maturity than such existing Indebtedness; (e) Indebtedness in an aggregate principal amount outstanding not exceeding $20,000,000 incurred solely to finance the purchase price of additional towers and related facilities and equipment; (f) Interest Rate Protection Agreements required by the Revolving Credit Facility or incurred for hedging purposes in the ordinary course of business; and (g) Additional Indebtedness in an amount which , together with sale and leaseback obligations permitted under Section 9.11, does not exceed $2,000,000.

  • Consolidated Senior Secured Leverage Ratio Permit the Consolidated Senior Secured Leverage Ratio as of the end of any fiscal quarter of the Borrower prior to the Investment Grade Date to be greater than (i) except during a Specified Acquisition Period, 3.75 to 1.00 and (ii) during a Specified Acquisition Period, 4.00 to 1.00.

  • Default on Indebtedness Failure of Borrower to make any payment when due on the Loans.

  • Default on Other Indebtedness A default shall occur (i) in the payment when due (subject to any applicable grace period), whether by acceleration or otherwise, of any Indebtedness, other than Indebtedness described in Section 8.1.1, of the Borrower or any of its Subsidiaries or any other Obligor having a principal amount, individually or in the aggregate, in excess of $3,000,000, or (ii) a default shall occur in the performance or observance of any obligation or condition with respect to such Indebtedness if the effect of such default is to accelerate the maturity of any such Indebtedness or such default shall continue unremedied for any applicable period of time sufficient to permit the holder or holders of such Indebtedness, or any trustee or agent for such holders, to cause such Indebtedness to become due and payable prior to its expressed maturity.